l take your point but don't see it as a proxy for a bond.
l see AFI & ARG as old fashioned equivalents to an ETF (ie. STW).
Solid holders of AFI might go back a few decades and are now happy with the performance over time.
the yield just isn't sufficient to wade in. just a note watch the cash reserves. I have noticed these have been lower in the last few years.
will the continue to pay divs at the same levels in a market rout? one of the reasons l am looking at PIC was the reserves highlighted at the AGM that can cover dividends for two years.
- my thoughts 
Ann: NTA & Top 25 Investments as at 31 August 2023, page-5
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